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About CAFRAL The Centre for Advanced Financial Research and Learning (CAFRAL) has been set up by Reserve Bank of India in the backdrop of India's evolving role in the global economy, in the financial services sector and its position in various international fora, to develop into a global hub for research and learning in banking and finance. CAFRAL started functioning under its first Director, former Deputy Governor of Reserve Bank of India, Usha Thorat, in January 2011. CAFRAL's research focuses on areas of interest to central banks and regulators, more specifically financial sector regulation and supervision, risk measurement and management, financial markets, financial stability and financial inclusion. Its learning activities target the senior management in central banks, regulators, financial institutions and other stake holders, including government officials, in the financial sector. Its learning activities include seminars, conferences, round tables, workshops, apart from longer duration programs. CAFRAL's events provide an independent platform for academics, researchers and practitioners to explore issues in banking and finance so as to develop suitable policies and strategies. In carrying forward its objectives, CAFRAL collaborates with other institutions, both academic and non-academic. The Governor, Reserve Bank of India is the Chairman of the Governing Council of CAFRAL. About IPD The Initiative for Policy Dialogue (IPD) works to broaden dialogue and explore trade-offs in development policy by bringing the best ideas in development to policymakers facing globalization's complex challenges and opportunities. IPD strives to contribute to a more equitably governed world by democratizing the production and use of knowledge. Founded in July 2000 by Nobel Laureate Joseph Stiglitz, the IPD stimulates a heterodox policy dialogue on major issues in international development. IPD is a global network of leading economists, political scientists, and premier academic and policy centers in the global South and North. It brings the issues of developing countries to academics and the fruits of academic research to policymakers. 1 IPD promotes more inclusive and pluralist discourse on the major global debates on economic and political development, in which countries often face a narrow set of policy prescriptions that may not fully suit their domestic preferences and capabilities. IPD helps countries analyze the complex policy trade-offs they face and provides them with access to a broader range of economic solutions that promote democratic, equitable and sustainable development. About the Conference This high level conference will explore how systemic risk can build up in the sector, with a view to prevent it from rising excessively at a national level. The main focus will be both on domestic macro-prudential (countercyclical) regulation�inancial as well as measures including management of the capital account, and preventing currency mismatches. We hope this conference (and the work produced from it) will serve as a tool to inform senior policy-makers, regulators, the sector, academia and informed public of trade-offs and challenges that determine policy choices, especially in light of recent crises. It also serves �inancialas a unique opportunity for discussion, gathering some of the most distinguished names from the Indian and global l, academic and governmental arenas. �inancia About the participants The participants include sector regulators, researchers, sector practitioners and stakeholders, industry and trade representatives, government media and those in�inancialterested in public policy. �inancial of�icials, 2 CONFERENCE SCHEDULE Time Topic Speaker DAY 1 – 13th January 2014 9:30 AM - 9:50 AM Registration 9:50 AM - 10:00 AM Welcome and opening remarks Usha Thorat CAFRAL Stephany Griffith-Jones Initiative for Policy Dialogue 10:00 AM - 10:40 AM Inaugural Address P Chidambaram Minister of Finance Government of India 10:40 AM - 11:15 AM Keynote speech Joseph Stiglitz Co-President Initiative for Policy Dialogue 11:15 AM - 11:30 AM Tea/Coffee Break 11:30 AM - 1:30 PM Macro-Prudential Regulations: Linkages Chair: Jose Antonio Ocampo with macro–economic policies for Vice President promoting financial stability Initiative for Policy Dialogue Andrew Sheng President Fung Global Institute John Gieve Former Deputy Governor Bank of England Jan Kregel Levy Institute Stephany Griffith Jones Initiative for Policy Dialogue 1:30 PM - 2:30 PM Lunch Break 3 Time Topic Speaker DAY 1 – 13th January 2014 2:30 PM - 4:30 PM Capital Flows Management Measures Chair: Stephany Griffith Jones and Systemic Risk Initiative for Policy Dialogue Paulo Nogueira Batista Executive Director Brazil International Monetary Fund Jose Antonio Ocampo Vice President Initiative for Policy Dialogue Yu Yongding China Society of World Economics Kevin Gallagher Boston University 4:30 PM - 5:00 PM Tea/Coffee Break 6.00 PM - 7.30 PM Political Economy of Financial Stability Chair: Joseph Stiglitz and Equitable Growth Initiative for Policy Dialogue Adair Lord Turner Former Chairman UK Financial Services Authority Montek Singh Ahluwalia Deputy Chairman Planning Commission, India Nemat Shafik Deputy Managing Director International Monetary Fund 7.30 PM Dinner 4 Time Topic Speaker DAY 2 – 14th January 2014 9:30 AM - 11:30 AM Global Liquidity and Financial Contagion Chair: Usha Thorat CAFRAL Sukhdave Singh Deputy Governor Bank Negara Malaysia HR. Khan Deputy Governor Reserve Bank of India Manuel Agosin Dean, Dept of Finance Universidad de Chile Amar Bhattacharya Director of the Secretariat Intergovernmental Group of Twenty-Four on International Monetary Affairs and Development 11:30 AM - 11:45 AM Tea/Coffee Break 11:45 AM - 1:30 PM RBI Governors Panel C. Rangarajan Bimal Jalan Y. V. Reddy D. Subbarao – Anchor 1:30 PM - 1:45 PM Concluding Remarks 1:45 PM Lunch Break 5 Profile of the Speakers P. Chidambaram Minister of Finance Government of India P. Chidambaram is currently Minister of Finance in the Govt of India. He was first elected to Indian Parliament in 1984 and during the last three decades, has held charge of various ministries as Union Deputy Minister, Minister of State and Cabinet Minister in Ministries of Commerce, Personnel, Administrative Reforms, Training Public Grievances and Pensions, Law, Justice and Company Affairs, Finance and Home Affairs. He has delivered lectures in many Universities in India and abroad. Chidambaram is a B.Sc., B.L. and M.B.A. He was educated at Madras University, Chennai and Harvard University, Boston, Massachusetts (U.S.A.). Adair Lord Turner Former Chairman UK Financial Services Authority Adair Turner has successfully combined careers in business, public policy and academia. He is a Senior Fellow of the Institute for New Economic Thinking and the Centre for Financial Studies in Frankfurt. Prior to this he was Chairman of the UK Financial Services Authority. After the financial crisis broke in September 2008, he played a leading role in the redesign of the global banking and shadow banking regulation as Chairman of the International Financial Stability Board's major policy committee. Earlier he has held senior positions at Standard Chartered Bank (2006-2008); Merrill Lynch, Europe (2000-2006); and Confederation of British Industry(1995-1999). Adair became a cross-bench member of the House of Lords in 2005 and was appointed Chair of the Climate Change Committee in 2008, stepping down in 2012; he also chaired the Pensions Commission from 2003 to 2006, and the Low Pay Commission from 2002 to 2006. He is the author of 'Just Capital The Liberal Economy' and 'Economics after the Crisis, and holds Visiting Professorships at the London School of Economics and at Cass Business School, City University. 6 Amar Bhattacharya Director G24 Secretariat Amar Bhattacharya is Director of the Secretariat of the Intergovernmental Group of Twenty-Four on International Monetary Affairs and Development. The G24 Secretariat serves the G24 Finance Ministers and their officials in the deliberations and work program of the Group and interface with other bodies including the G20. Prior to taking up his current position, Bhattacharya had a long-standing career in the World Bank. In his last position, he was advisor to the President and Senior Management on the Bank's engagement with key international groupings and institutions including the IMF, G7, G20, OECD and Financial Stability Forum. He has had a long standing engagement with issues of global governance and reform of the international financial as well as aid architecture. He completed his undergraduate studies at the University of Delhi and Brandeis University and his graduate education at Princeton University. Andrew Sheng President Fung Global institute Andrew Sheng is well known in global financial circles as a former central banker and financial regulator in Asia and a commentator on global finance. As the Fung Global Institute's President, Andrew is responsible for its operations and for driving its research agenda and thought leadership. He is also the Chief Adviser to the China Banking Regulatory Commission and a Board Member of Khazanah Nasional Berhad, Malaysia. In addition, he serves as a member of the International Advisory Council of the China Investment Corporation, the China Development Bank, the Advisory Council on Shanghai as an International Financial Centre and the International Council of the Freie University, Berlin. He is also an Adjunct Professor at the Graduate School of Economics and Management, Tsinghua University, Beijing and the University of Malaya, Kuala Lumpur. Andrew served as Chairman of the Securities and Futures Commission of Hong Kong from 1998 to 2005, having previously been with the Hong Kong Monetary Authority and Bank Negara Malaysia. He also worked with the World Bank from 1989 to 1993. His most recent book is entitled From Asian to global financial crisis: an Asian regulator's view of 7 unfettered finance in the 1990s and 2000s. In April 2013, Andrew was named by TIME magazine as one of the 100 most influential people in the world. A chartered accountant by training, he has a BSc. in Economics and an honorary doctorate from the University of Bristol.
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